Treasury Rates [March 10, 2025]

Security	Interest Rates
91 – Day Bill	17.7184%
182 – Day Bill	18.9682%
364 – Day Bill	19.9833%

Treasury bill rates continued their downward trend this week as a mix of growing confidence in the new government, expectations of slowing down inflation numbers, and a conscious effort by the government to slower its borrowing cost helped to sustain the persistent decline in yields. The latest consumer price data released last week showed that the inflation rate inched down for the second consecutive time, supporting the slowdown in Treasury yields. However, the pace of decline in the inflation readings in 2025 has been slower than the rate of decline in Treasury yields, leading to a negative real return on investment.

The 91-day bill edged down by 307 basis points (bps) this week to deepen its year-to-date decline to 37.15% from 26.25% last week. It moved down from 20.7906% this week to clear at 17.7184% this week.

The yield on the 182-day bill posted the biggest decline this week with a 402 bps loss against a decline of 240 bps last week. It cleared at 18.9682% this week, down from 22.9851% posted last week.

After posting a huge decline last week with a loss of 460 bps, the 364-day bill posted a relatively modest dip this week with a loss of 272 bps. It fell from 22.6994% registered last week to clear at 19.9833% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	20.7906%	17.7184%	-3.07	-14.78%	-37.15%
182 – Day	22.9851%	18.9682%	-4.02	-17.48%	-34.41%
364 – Day	22.6994%	19.9833%	-2.72	-11.97%	-33.72%

Auction results of tender 1945 showed that investors traded confidence in the government for negative real returns as they once again thronged the government’s short-term securities. Accordingly, the government for the tenth successive time this year received more than its intended target, with an oversubscription of 76.61%.

A total of GHS 10,307.93 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,739.00 million. The government in turn accepted 73.74%, 29.12%, and 67.43% of the GHS 6,009.36 million, GHS 2,894.04 million, and GHS 1,404.53 million worth of bids tendered for the 91-day, 182-day, and 364-day bills respectively.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 8,260.00 million from 91-day, 182-day, and 364-day bills to meet GHS 7,909 million worth of maturing papers due next week.